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Flat Rock Core Income Fund Announces Distribution Increase

Flat Rock Core Income Fund (the “Fund”), an SEC-registered interval fund provides exposure to investments focused on first lien, floating rate loans, to middle market companies, announced that its Board of Directors has declared an increase in its monthly distribution to $0.133 per share, which will become effective with its April distribution. Based upon the closing price of the Fund as of Feb. 28, this distribution increases the effective distribution rate from 6.73% to 7.86%. As of year-end, the earnings yield of the Fund is 8.77%.

“Flat Rock Core Income Fund had a successful 2022, and 2023 is off to a strong start. We continue to see exciting investment opportunities while remaining highly selective in our approach. In addition, the recent higher interest rate environment has led to increased income on many of our investments. We are pleased that the current interest rate environment, coupled with the Fund’s performance, allows us to increase the distribution rate. We will continue to monitor the interest rate environment for potential future changes to our distribution rate,” said Robert Grunewald, Founder and CEO of the Fund’s advisor, Flat Rock Global.

About Flat Rock Core Income Fund:

Flat Rock Core Income Fund invests primarily in middle-market loans with an investment objective to generate current income and as a secondary objective, long-term capital appreciation. Flat Rock Core Income Fund is structured as an SEC-registered interval fund1 and can be purchased using the ticker CORFX.

About Flat Rock Global:

Founded in July 2017, Flat Rock Global is an alternative credit manager investing in areas of the credit markets we believe are less efficient with the dual objective of preservation of capital and generation of current income. The Firm celebrated its five-year anniversary last year and manages approximately $550 million of assets as of Dec. 31, 2022.

  1. The Fund is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund.
  2. Net Investment Income / Average Net Assets for 2022